Philippines' LT Group launches $790 million re-IPO

The Philippine conglomerate’s follow-on attracts 11 cornerstone investors, which have committed about 63% of the base size.

LT Group, a Philippine-listed company controlled by the family of local tycoon Lucio Tan, started the management roadshow and bookbuilding yesterday for a fully marketed follow-on, which is aiming to raise between Ps28.8 billion and Ps32.8 billion $695 million to $792 million.

Reflecting investor enthusiasm, the deal had attracted strong cornerstone demand before the launch. Eleven cornerstone investors have committed to subscribe for 1 billion shares, or 62.5% of the base deal, a source...

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